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Citi resumes Intesa Sanpaolo at 'buy' on MPS bid upside

By Reuters News

** Citigroup resumes coverage of Italy's Intesa Sanpaolo ISP.MI with a "buy" rating, calculating significant added value in case Monte dei Paschi's BMPS.MI bid is successful

** "The transaction has compelling strategic logic, and combined 2029 net income targets appear feasible," Citi says

** It however sees high execution risk on planned synergies and EPS accretion slightly below Intesa's target

** The brokerage deems the consensus for net interest income (NII) "too low," and expects Italy's biggest bank to surpass its 2026-to-2029 targets for the figure

** Citigroup's PT of €7.18 compares with Thursday's close price of around €6.27 per share

** Out of 19 analysts that cover Intesa Sanpaolo, 16 rate the stock "strong buy" or "buy," ​2 rate "hold" and 1 rates the stock "sell," according to LSEG data

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